Land costing $41,526 was sold for $79,878 cash. The gain on the sale was reported on the income statement as other income. On the statement of cash flows, what amount should be reported as an investing activity from the sale of land

Reporting Land Transactions on Statement of Cash Flows On the basis of the details of the following fixed asset account, indicate the items to be reported on the statement of cash flows: ACCOUNT Land ACCOUNT NO. Balance Date Item Debit Credit Debit Credit Jan. Balance 868,000 Mar. 12 Purchased for cash 104,300 972,300 Oct. 4 Sold for $95,550 63,840 908,460 Section of Statement of Item Added or Deducted Amount Cash Flows Mar. 12: Purchase of fixed asset Oct. 4: Sale of fixed asset Gain on sale of fixed asset (assume the indirect method) %24 %24 %24

18. When using the indirect method to prepare the operating section of a statement of cash flows, which of the following is deducted from net income to compute cash provided by/used by operating activities? Decrease in accounts receivable. Gain on sale of land. Amortization of patent. All of these are deducted from net income to arrive at cash flow from operating activities.

Which of the following represents an investing activity in the statement of cash flows?  a) Sale of plant assets at a loss b) Depreciation of plant assets c) Stock dividend d) Purchase of inventory

Reporting Land Transactions on Statement of Cash Flows On the basis of the details of the following fixed asset account, indicate the items to be reported on the statement of cash flows: ACCOUNT Land ACCOUNT NO.         Balance Date Item Debit Credit Debit Credit Jan. 1     Balance     868,000     Mar. 12     Purchased for cash 104,300     972,300     Oct. 4     Sold for $95,550   63,840   908,460

26.A gain on the sale of a plant asset in the ordinary course of business should be presented in a statement of cash flows prepared using the indirect method as an addition to net income  Group of answer choices True False

Indicate the effect each separate transaction has on investing cash flows. (Amounts to be deducted should be indicated with a minus sign.) a. Sold a truck costing $47,000, with $24,800 of accumulated depreciation, for $10,800 cash. The sale results in a $11,400 loss. b. Sold a machine costing $13,400, with $9,400 of accumulated depreciation, for $7,800 cash. The sale results in a $3,800 gain. c. Purchased stock investments for $23,000 cash. The purchaser believes the stock is worth at least $32,800. Cash flows from investing activities

Under the indirect method, depreciation expense is addedto net income to report cash flows from operating activities. Does depreciation cause an inflow of cash?

Which of the following will be reflected in the "Cash flows from operating activities" of a Statement of Cash Flows? A) Adjustment for depreciation B) Purchase of equipment C) Increase or decrease in loans D) Purchase of inventory

Consider the following: Net Income Depreciation Expense Gain on Sale of Land Increase in Inventory Increase in Wages Payable Payment of Dividends Calculate the net cash provided (or used) by operating activities using the indirect method. Select one: O O O O $51,900 36,000 22,500 6,150 18,450 6,000 A. $38,100 B. $77,700 C. $107,700 D. $71,700